Relevant:
2012-05-29 — globaleconomicanalysis.blogspot.it
Greek banks have been shut off from regular ECB liquidity operations due to lack of sufficient collateral. Today the Banks have that collateral thanks to a disbursement of funds from the EFSF which in turn will be used as collateral for more loans from the ECB.
If this makes little sense to you it is because it should not make any sense to anyone. It is another act of desperation in a long line of desperate acts.
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